15 Sep 08 
Buy and Bail: Making The Rule Work For You. Part II
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If you missed Part I of this post you should read it because this rant may not mean too much to you without it.
Sometimes the housing market can be a bit much for people and they get frustrated. Let’s see one persons opinion and let me know if you share her thoughts.
HI Brent
I find the whole situation just backward.
Banks loaned money to people they KNEW could not afford a 800,000 house….all hell breaks loose and now those of us who had and still have excellent credit will not be able to get a house unless we jump through hoops to get it….we still have credit scores in the 800’s….YES…I said 800’s……
we have bought and sold 5 houses in the last few years (we moved a lot) and ALWAYS came out great after each sell….but we have NEVER had 20% to put down…we always did around 10 to 15% then got an 80/20 for the remaining amount….
we made 60,000 on our last sell and then moved back to V. and paid 382,000 for our current townhouse…put 30,000 down, and then put 10,000 in remodeling, and we still have 20,000 in the bank….but now unless we come up with the full 20% a bank will not loan to us?????? i just don’t get it…..
we are just staying here for another year and scratching the money aside so that if we do find a REO Home we really like we can try to jump on it….there is no way we make enough money to cover two loans…..so that option is out for us….
i am just sick of this whole thing…..but thank you for getting back to me….
C.
____________________________________
It’s interesting, I appreciate the email and I can see how frustrating this whole situation can be. You may not be the person who is committing fraud but there is no way for us to convince the bank otherwise!
Keep your head down and focus because there will come that moment when this all goes away and those paying the most attention will reap the biggest financial rewards.
Brent Lane
The Lane Group
www.thelanegroup.blogspot.com
Tags: bank loan, brent lane, buy and bail, credit crunch, credit score, down payment, fha, home loan information, housing market, mortgage loan, real estate owned, reo, the lane group
18 Jun 08 Foreign Investors Plan to Spend $1 Billion on Florida Real Estate
The Florida Prime Residential Opportunity Fund has been created by London-based Strategic Real Estate Advisors, with the intent of investing $1 billion in Florida luxury homes that are bank-owned. Strategic Real Estate Advisors is more commonly known as the asset management firm that invested in London’s Heron Tower; however, the firm is now managing the $1 billion generated by several wealthy Europeans and Middle Eastern individuals.
The plan is to buy homes that have been foreclosed on, oceanfront condominiums, and undeveloped land that is approved for housing, and then sit on the homes for a minimum period of seven to ten years.
Real estate advisor—Jack McCabe, CEO of McCabe Research & Consulting of Deerfield Beach, Florida—believes that if the group has the time horizon, that they will be much better off.
McCabe stated, “In a market like Miami, there’s a lot of inventory to clear and the litigation surrounding foreclosures will draw things out for years.”
Strategic Real Estate Advisors’ CEO—Pierre Rolin said, “We’re in no rush.” Rolin estimated that the newly developed investment fund could purchase homes for around $400 a square foot, in a market that currently sales luxury homes for about $500 a square foot; down from more than $1,000 during the housing market peak of 2006.
Tags: bank owned, deerfield beach, florida, florida prime residential opportunity fund, foreclosed homes, foreign investor, housing market, jack mccabe, london england, mccabe research & consulting, miami, pierre rolin, reo, strategic real estate advisers
17 Jun 08 Bus Tours of Foreclosed Homes
As more and more homes are reportedly being foreclosed on, there has been an increasing need for banks to deplete their inventories. It appears that several real estate agents have stepped up to the plate and have begun introducing tours of foreclosed homes in their areas. Real estate agents from the east coast to the west coast have adopted some form or another of bus tours that features homes that have foreclosed.
In Massachusetts, DCU Realty charges bus riders for the privilege of viewing homes at bargain prices. The fees range between $20 for members of its affiliated Digital Federal Credit Union, and $25 dollars for nonmembers. Homes are reported as ranging between modest foreclosed homes and more upscale foreclosed homes.
In the Bay Area surrounding the Contra Costa county area of California, foreclosures have been the highest throughout the entire state. This area is also seeing one of the most frequently run tours of foreclosed homes. Foreclosure Finder Tours will bring potential buyers on a tour of foreclosures in Antioch, Byron, Pittsburg, and Brentwood. There is no charge for this service and there are reportedly four tours scheduled every weekend.
While many of these homes are in need of minor repairs, most commonly due to damaged walls and missing fixtures, they are in overall good condition. Most homes will likely end up costing the buyers a considerable amount of money to have the home returned to its original condition, so this is something that buyers should keep in mind when considering buying a foreclosure.
Tags: bank owned, California Real Estate, contra costa county, dcu realty, digital federal credit union, foreclosure, foreclosure finder tours, Homes for Sale, massachusetts real estate, reo
